US futures pushed higher on Monday as Wall Street tried to extend last week’s rally with help from two familiar supports: steadier chip stocks and cheaper oil.
The Dow is coming off a record close, while the S&P 500 and Nasdaq remain underpinned by hopes that the AI trade is broadening rather than breaking.
Lower crude prices are also easing some inflation anxiety after OPEC+ agreed to lift output again and shipping through the Strait of Hormuz continued.
The week ahead is lighter on data, but Fed minutes and early earnings signals could still set the tone.
5 things to know before Wall Street opens
1. Futures point to a firmer open
Futures tied to the 30-stock Dow hovered just above the flatline, while S&P 500 futures rose 0.5% and Nasdaq-100 futures climbed 1.1% as Wall Street prepared to reopen after Friday’s US Independence Day holiday.
The move follows a holiday-shortened week in which the Dow closed at a record high and moved closer to the 53,000 mark.
The Dow, S&P 500 and Nasdaq Composite each gained about 2% last week, showing that dip-buying remains alive even after recent tech fatigue.
2. Chip stocks stabilise after recent pressure
Semiconductor shares looked steadier in premarket trading after losing momentum last week.
Western Digital rose 5.5%, Seagate gained 4.4% and Micron Technology advanced 3.4%.
The rebound matters because chips have been one of the market’s biggest drivers this year.
Investors are also watching whether leadership is widening into healthcare, industrials and financials, which would make the rally look less dependent on AI-heavy names.
3. SK Hynix tests appetite for AI-linked listings
SK Hynix launched a US ADR sale worth about $28 billion, giving investors another test of demand for AI supply-chain exposure.
The South Korean memory-chip maker has been one of the biggest beneficiaries of demand for high-bandwidth memory used in AI systems.
A successful deal would reinforce the view that global investors still want access to semiconductor growth, even after a sharp rally in the sector.
4. Lower oil eases the inflation backdrop
Brent crude fell 0.5% to $71.76 a barrel, near four-month lows, after OPEC+ agreed to raise August output targets by 188,000 barrels per day.
Continued shipping through the Strait of Hormuz also helped reduce fears of an immediate supply shock.
Lower energy prices are important for equities because they ease inflation risks and reduce pressure on the Fed to move quickly on rates.
5. Fed minutes and services data come next
Investors will watch the ISM services survey later Monday, with forecasts pointing to a still-healthy reading near 54.
Fed minutes due Wednesday will be parsed for signs of disagreement after last month’s hawkish turn under Chair Kevin Warsh.
Delta Air Lines and PepsiCo report later this week, offering early clues before earnings season gathers pace.
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